Synopsys Inc. (SNPS) Wednesday reported an increase in profit for the first quarter, driven by an increase in other income from the comparable period last year.
The Mountain View, California-based company's first-quarter net profit was $69.9 million or $0.45 per share, up from $56.7 million or $0.39 per share in the same quarter last year.
Further, net other income totaled $10.7 million for the quarter, an increase from $3.8 million in the year-ago period.
Adjusted income for the quarter was $103.0 million or $0.67 per share, compared to $82.3 million or $0.56 per share in the prior-year quarter.
On average, six analysts polled by Thomson Reuters expected the company to earn $0.55 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues for the quarter grew 11.7 percent to $475.1 million from $425.7 million in the prior-year quarter, while six analysts had a consensus revenue estimate of $473.12 million for the quarter.
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